World Stock Exchange

Two Canadians have been banned from the securities industry by the Alberta Securities Commission for their role in operating an offshore Internet stock exchange. In an Order dated March 31, 2000, Orest Rusnak and Kim Seto were prohibited from acting as a director or officer of any issuer for 20 years and five years, respectively.

In a landmark decision, the Alberta Securities Commission has found that an Internet stock exchange that was once registered in the Cayman Islands before moving to Antigua was in breach of local securities laws. The case against the World Stock Exchange, Thomas Kim Seto and Orest Rusnak was the first time that a Canadian securities commission had reviewed the activities of a stock exchange operating over the Internet.

A Cayman-based Internet stock exchange was closed down last year by the local police and government because of concerns that it might be confused with the Cayman Islands Stock Exchange. Details about the action appeared in a complaint prepared by the Alberta Securities Commission against Canadians Kim Seto and Orest Rusnak.